Independent vendor evaluation recognizes Basware as number 1 in Strategy, Current offering and Market Presence
Basware Corporation, a leading provider of Enterprise Purchase to Pay solutions, was among the select companies that Forrester invited to participate in its June 18, 2008 Forrester Wave™: Accounts Payable EIPP, Q2 2008 report. Basware is evaluated number 1 in all three of the report's dimensions: Strategy, Current Offering and Market Presence. Basware was stated to have "the largest market presence, excellent functionality, and a strong vision".
The Forrester Wave report used 78 criteria to evaluate top vendors that offer a complete Electronic Invoice Presentment and Payment (EIPP) solution supporting all phases of the payment process. According to the report, "AP-EIPP products streamline the invoice to pay process by receiving invoices directly from suppliers' systems, automatically validating them against supporting documents such as purchase orders, and loading them into payment systems, ready to be paid." The report stated "Basware stays just ahead of a strong pack". Forrester recognized Basware's strategy and market presence, giving the company the highest scores in product strategy.
"The findings of the Forrester Wave report reflect our success in combining a strong strategic vision with top-of-the-line product development – this is made possible by our clear focus on the Purchase to Pay business area. We believe in providing our customers with solutions that offer the functionality and the ease of use needed to improve business critical processes," says Jari Tavi, CTO of Basware Corporation.
According to the report, "one key differentiator for Basware is its commitment to interoperability with other supplier networks to deliver a wider supplier base to its buyer clientele". The report further notes that Basware "continues to enhance its EIPP product innovation while expanding into new areas. It has developed a strong eProcurement product for those companies wanting to go beyond I2P to full procure-to-pay". The report also highlights that "Basware has expanded beyond its Scandinavian base to win key accounts in the rest of Europe and the US".
"Most recently we have extended our procurement portfolio to sourcing and contract management. We are now able to offer a full end-to-end solution that is unique in the purchase to pay arena," concludes Tavi.
The Basware Enterprise Purchase to Pay solution suite includes solutions for Invoice Automation, Procurement and supplier integration. The Forrester report highlights the business value of deploying an AP-EIPP solution: "The value proposition is compelling – the best AP-EIPP products deliver operational savings, error reduction, and higher early-payment discounts. The clear, demonstrable benefits and the large, available market – enterprises lacking effective solutions – are driving rapid market growth of 33% per year."
For further information, please contact:
Jari Tavi, CTO, Basware Corp., tel. +358 40 555 4488
About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,200 customers and 650,000 users in over 50 countries around the world. Basware solutions automate business-critical financial processes and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented in Europe, the US, and Asia-Pacific through an extensive network of Basware offices and business partners.
In 2007, net sales reached EUR 73 million. The growth target for net sales for 2008 is 15–25%. Founded in 1985, Basware Corporation is a public company listed on the Nordic Exchange Helsinki. Headquartered in Finland, it has seven subsidiaries in Europe and one in the US. www.basware.com